The enslavement of African people in the Americas by the nations and peoples of Western Europe, created the economic engine that funded modern capitalism. Therefore it comes as no surprise that most of the major corporations that were founded by Western European and American merchants prior to roughly 100 years ago, benefited directly from slavery.
Lehman Brothers, whose business empire started in the slave trade, recently admitted their part in the business of slavery.
According to the
Sun Times, the financial services firm acknowledged recently that its founding partners owned not one, but several enslaved Africans during the Civil War era and that, “in all likelihood,” it “profited significantly” from slavery.
“This is a sad part of our heritage …We’re deeply apologetic … It was a terrible thing … There’s no one sitting in the United States in the year 2005, hopefully, who would ever, in a million years, defend the practice,” said Joe Polizzotto, general counsel of Lehman Brothers.
Aetna, Inc., the United States’ largest health insurer, apologized for selling policies in the 1850s that reimbursed slave owners for financial losses when the enslaved Africans they owned died.
“Aetna has long acknowledged that for several years shortly after its founding in 1853 that the company may have insured the lives of slaves,” said Aetna spokesman Fred Laberge in 2002. “We express our deep regret over any participation at all in this deplorable practice.”
JPMorgan Chase recently admitted their company’s links to slavery.
“Today, we are reporting that this research found that, between 1831 and 1865, two of our predecessor banks—Citizens Bank and Canal Bank in Louisiana—accepted approximately 13,000 enslaved individuals as collateral on loans and took ownership of approximately 1,250 of them when the plantation owners defaulted on the loans,” the company wrote in a statement.
New York Life Insurance Company is the largest mutual life insurance company in the United States. They also took part in slavery by selling insurance policies on enslaved Africans.
According to
USA Today, evidence of 10 more New York Life slave policies comes from an 1847 account book kept by the company’s Natchez, Miss. agent, W.A. Britton. The book, part of a collection at Louisiana State University, contains Britton’s notes on slave policies he wrote for amounts ranging from $375 to $600. A 1906 history of New York Life says 339 of the company’s first 1,000 policies were written on the lives of slaves.
